The money market account is one of the most popular savings instruments in America. This is due to the fact that they are very reliable and secure, which makes them a great option for people who want to save their money but also have access to it when needed. However, there are some things you should know about these accounts before opening one. In this post, we will explore which statement about money market accounts is not true?
Money market accounts are FDIC-insured up to the standard maximum of $250,000 per depositor.
False: The money market account is one of the most popular savings instruments in America. This is due to the fact that they are very reliable and secure, which makes them a great option for people who want to save their money and want to have access to it when needed. However, there are some things you should know about these accounts before opening one. In this post, we will explore which statement about money market accounts is not true?
So, if you are looking for a safe way to save your money, you should consider opening a money market account. However, they are not suitable for everyone and it is important that you know which statement about them is not true before investing in one of these accounts.
A money market account can help you to save your money in a safe and reliable way.
Money market accounts are typically only available to those who have an existing or prior relationship with the financial institution that offers them. For example, if you had an account at Chase before they launched their money market account product, you might be able to get one as well. However, if this is really an awesome type of account and you want to get one, but don’t have a prior relationship with Chase, then they might not be able to open an account for you.
Money market accounts are insured by the Federal Deposit Insurance Corporation (FDIC), which means that if your bank were to fail, your money would still be safe and you will have access to your money.
Money market accounts offer a higher yield than regular savings, which is great for people who are hungry for some appreciable interest on their deposits and not just trying to maintain principal value in the account (although there’s still that).
One drawback of this type of investment vehicle is that you can’t write checks on behalf of the account holder.
Conclusion
So, did you make your decision about which type of account you need?
This post was about which statement about money market accounts is not true.
Do you have any thoughts on what it could be?
If so, please share them in the comments below!